The following statement has been released today:
permanenttsb Group has recently concluded a strategic review of its businesses, including Permanent Bank International Ltd (“PBI”).
Following the review, a decision has been taken to close PBI and begin an orderly wind-down process of the business. The Bank is in the process of notifying all customers of the decision and will start closing their accounts in the near future and will complete the process by end of 2017.
Speaking about the closure, Jeremy Masding, Group Chief Executive, said: “The Group’s focus is on growing market share in the Irish retail and SME markets. It was a difficult decision to wind down PBI given the long history it has in the Isle of Man and I would very much like to thank our excellent management team and staff for their contribution to the business. I would also like to take this opportunity to thank all of our customers for their ongoing support over the past 24 years.”